Twitter Analysis: Africa Loves Bitcoin, But XRP Has Friends Everywhere
Worldwide outlook is "almost entirely positive" for Bitcoin.
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According to recent analytics performed by The TIE, Africa’s Twitter sphere is feeling very bullish about Bitcoin. The continent is home to several businesses finding ways to use digital assets, so it’s no surprise that many would be optimistic about the virtual currency.
As for South America, well…they’re less enthusiastic.
The Geography of Crypto Twitter – An in depth look at Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash
We set out with the goal of breaking down the five largest cryptos by market cap and their sentiment across the globe.
The Report: https://t.co/V9kZpCNMSy pic.twitter.com/6FRCKdNiVJ
— The TIE (@TheTIEIO) July 8, 2019
Parsing through more than 850 million tweets a day, the TIE’s partner, Social Market Analytics, analyzes the current sentiment for major cryptocurrencies, noting that “sentiment is the leading indicator of cryptocurrency price movement.” The latest survey took place from June 28 to July 5 and offers a glimpse into how the social media world feels about the market.
According to their analysis, North America continues to dominate the conversation, producing the vast majority of tweets for Bitcoin, Bitcoin Cash, XRP, Ethereum, and Litecoin. The United States tweeted out more than 30% of all crypto-related tweets during that period.
Bitcoin Sentiment Goes South In South America
Peru is extremely favorable towards Bitcoin, with 93% of tweets indicating positive sentiment. However, the rest of the continent seems to be in the doldrums regarding the currency. Even hyper-inflated economies like Venezuela are pessimistic, with only 40% of Bitcoin-related tweets ringing positive.
Brazil, with more than 1700 tweets during this brief period, seems to be particularly down in the dumps, with less than 40% of Bitcoin-related tweets indicating a favorable outlook.
XRP Attracts High Attention
That may be because Brazil is Ripple territory, with 85% of their XRP-related tweets being positive. Ripple has made significant inroads into Brazil’s cross-border payments, through the xRapid payments network, as Crypto Briefing previously reported.
Interestingly, in every country that had a significant number of conversations about XRP, the sentiment was consistently positive, with no scores below 50%. That could mean that XRP is headed for the moon….or, perhaps, that the XRP Army is even bigger than you thought.
Bitcoin Cash Makes Few Friends
Africa showed continent-wide positivity for Bitcoin and Ethereum exhibited in the analysis, but, like South America, they’re not particularly enamored with Bitcoin Cash. The fork has more support in regions of Europe as well as across the pond in Canada. However, the volume of Bitcoin Cash tweets was quite low, with many countries mentioning the coin less than 50 times over the week.
Litecoin led the week in terms of overall positive tweets worldwide, with particularly enthusiastic support in Russia. The coin enjoyed more than 70% positive tweets, indicating extremely favorable sentiment.
While many countries show mixed sentiment in different national markets, The TIE pointed out the worldwide enthusiasm for Bitcoin in particular. According to their analysis, Bitcoin conversations were “almost entirely positive across the globe.”
Based on the analysis, the firm found that Bitcoin is, indeed, a global sensation, “We can also see that Bitcoin is an absolutely global phenomenon,” The TIE said, “With Twitter users in nearly every single country across the globe discussing BTC.”